illustrative image (Source: VNA)

Hanoi (VNA) – It is normal for commercial banks to adjust their interest rates in accordance with their business strategies and market situation, said the State Bank of Vietnam.

While some banks raised deposit interest rates, others reduced theirs by 0.1-0.3 percent per year.

The Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Viet Nam Thuong Tin Commercial Joint Stock Bank (VietBank) and Vietnam International Commercial Joint Stock Bank (VIB Bank) decreased their interest rates by 0.1-0.3 percent for deposits of different terms.

The Viet Capital Bank and the DongA Bank adjusted down 0.1 percent to 7.8 percent for deposits of between 18 and 60 months. The Maritime Bank also reduced the mobilising interest rates by 0.2 percent to 7.2 percent for deposits of 18-30 months.

In mid-February, some commercial banks raised their deposit interest rates. EximBank offered an interest rate of up to 8.2 percent per year for 24 and 36-month deposits while Oceanbank increased its interest rates to 7.3 percent per year for deposits of six, 11 and 12 months.

Techcombank applied an interest rate of 7.1 percent per year for 36-month deposit, up 0.1 percent compared to the rate in early February.

VPBank listed an attractive rate of 9.2 percent for certificate of five-year deposit certificate and Sacombank offered 8.88 percent for seven-year deposit certificate.-VNA